Congressional hearings on plans to shore up the undercapitalized Savings Association Insurance Fund may take place sooner rather than later.
Lobbyists this week said Senate Banking Committee Chairman Alfonse M. D'Amato will call a hearing on the thrift fund before Congress breaks for a month starting Aug. 5.
But that would crowd the committee's calendar, which already is packed with a series of hearings on the Whitewater controversy.
"Whitewater hearings are going to take up Tuesdays, Wednesdays, and Thursdays starting July 18, but I've heard they may sneak in a Monday hearing on BIF/SAIF within the next few weeks," said one lobbyist.
The New York Republican's staff has been working for weeks with the Clinton administration to develop a rescue package. The thrift fund's problems are important to some of Sen. D'Amato's constituents - namely the 117 thrifts with $117.4 billion in assets in New York.
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The Independent Bankers Association of America is accusing the American Bankers Association of neglecting its small-bank membership.
In a July 6 "Legislative Alert," the IBAA attacked the ABA for supporting an amendment to regulatory relief legislation that would allow banks to affiliate with insurance companies in some states.
The IBAA fax to members says that amendment "threatens the future franchise value of community banks.
"Unfortunately, the ABA lobbying staff in Washington seeks to create the impression that it is speaking for the entire industry, including community banks, as it lobbies for such dangerous legislation," the IBAA said.
Philip Corwin, an ABA lobbyist, did not agree with the community bank group's take on the situation.
"It's total bull," Mr. Corwin said. "This position was arrived at by our government relations council, which has significant community banking representation on it."
The ABA, he added, for years has backed creation of financial services holding companies under which banks, security firms, and insurance firms could affiliate.
Regardless, the IBAA urged members to let their congressmen know that community banks oppose the affiliations amendment.
"Emphasize that the ABA is not speaking for you or any community banker you know when it advocates legislation permitting the common ownership of banks, securities firms, and insurance companies," the IBBA urged its members.
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Chase Manhattan Bank had a lunch date with Sen. Richard Shelby this week.
The New York institution held a fund-raising luncheon Monday for the Alabama Republican, a high-ranking member of the Senate Banking Committee. The event was attended by lobbyists from a number of institutions.
"We had this luncheon for Shelby because he's playing the key role on the Senate side for bank regulatory relief," said a Chase lobbyist.
The lobbyists got a freebie. Sen. D'Amato showed up unexpectedly at the luncheon, which took place at Chase's 410 Park Avenue offices in Manhattan.
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And, as if Senate Banking won't be busy enough in the next few weeks with Whitewater and possible insurance fund hearings, Sen. D'Amato announced Monday that he will hold a hearing Thursday on substituting coins for dollar bills.
Federal Reserve Board Governor Edward W. Kelley and U.S. Mint Director Phillip N. Diehl are scheduled to throw in their two cents.
